Across all price points, this week has been slow. In real estate, one slow week is meaningless, but with everything going on in the world, I will be watching to see if this is a building trend. Mortgage interest rates have been up a bit recently, but not significantly, while supply is outpacing last year at this time. The wider view shows good conditions for buyers, and over time, we will see whether that translates into more transactions as spring unfolds.
Deschutes County listings between $1 million and $1,999,999 increased by nineteen this week to 234. Five sales are pending, down three from last week. Thirteen transactions closed this week, up six from the previous week. Five of the thirteen sales reduced the asking price before securing a contract, a very modest average of 2.3%, with the sold-to-original-list-price ratio at 98.29%.
In the $2 million to $2,999,999 tranche, supply increased by 3 to 56 single-family listings. One sale is pending at $2,100,000 on Deschutes Market Road in Bend. One transaction closed at $2,870,000 on Eastes Road in Bend, at 95.7% of the initial list price.
Deschutes County listings over $3 million increased by one to 30, with no pending or closed transactions.
Crook County listings over $1 million increased by 2, to 38. One sale is pending at $1,050,000 in Longhorn Ridge, with no closed transactions this week.
Deschutes County Farm listings over $1 million decreased by one to 13, with no pending or closed transactions.
Crook County Farm listings are stable at 12, with no pending or closed transactions.
One slow week is not a trend, but at this time of year, it can make a big difference in increasing supply. With inventory ahead of last year's pace, buyers will have more selection than at any time in the recent past. With mortgage rates jumping around, I encourage buyers to stay in touch with their lenders. For sellers, my advice hasn't changed: price correctly for the market! Overpriced listings are lingering and require a retreat that, in many cases, is more than if the property had been priced right from the start. There is never a dull moment in real estate, and this year is already keeping us on our toes.
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